1. The Board of Directors recommends a dividend of Rs 1.50 per equity share of the Company.
2. The Auditors in their Report on the Accounts for the year ended June 30, 2009 has commented upon (i) non-adjustment of certain realisations, in earlier years due to pending appeals and (ii) recognition of MAT credit emtitlement based on future profitability projections, the impact thereof on the aforesaid financial results is not presently ascertainable.
3. In view of the interim order dated September 08, 2008 of the Hon´ble Supreme Court, the Company for its Hargaon and Rosa Sugar units in Uttar Pradesh has continued the provision towards Sugarcane purchases made during the year 2007-08 @ Rs. 110 per quintal as against the State Advised Price (SAP) of Rs. 125 per quintal. Pending final decision by the Hon´ble Supreme Court in this matter, the differential price of Rs. 2422.74 lacs between SAP and the amount already provided, as stated above, has not been accounted for.
4. During the year, the Company has issued 39,98,240 Equity Shares of Rs 10 each at a premium of Rs 50 per share on Rights basis alongwith Detachable Warrant. Out of above 2,53,125 equity shares have been forfeited due to non-receipt of the call money of Rs. 30 per share. Further, the total proceeds of Right issue have been utilised for the purpose for which the money was raised.
5. There are no exceptional / extraordinary items during the quarter / year ended June 30, 2009.
6. The previous period figures have been regrouped, wherever necessary, to confirm to the current period figures.
7. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the company at their respective meetings held on August 25, 2009.
C S Nopany
Chairman & Managing Director